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Buying residential real estate? Don’t rush the closing

by | Sep 1, 2020 | Real Estate Practice

A person who’s just getting into real estate investing often wants things to go quickly so they can start to see progress. While this is understandable, it’s imperative that you don’t try to rush things as you go through the process. One area that you have to be especially careful with is the closing on your real estate deal

Some people tend to think that trying to get the closing done as quickly as possible benefits them, but you must ensure that you have everything in order prior to the closing date. A complete title search needs to be done so that you aren’t saddled with a property title that isn’t free and clear. Having to deal with issues pertaining to liens or disputes of ownership can be costly and time-consuming. 

The inspection is another aspect of the closing process that shouldn’t be rushed. You want the inspector to go over the home with a fine-tooth comb. It’s best to find out about anything amiss before you close on the home so you can have it addressed. 

You also have to ensure that the closing contract is set in your best interests. Your attorney can help you with this aspect of the closing. Even if you know what to check for, it never hurts to have someone else review things. 

One thing that helps some investors who are purchasing a property in Pennsylvania is that the closing process can be handled virtually, including the notarization process. This means that you won’t have to travel to the area if you aren’t from here. The Pennsylvania attorney you work with can be a considerable help during this process.